B.C. to lower maximum fee for borrowing payday loans

The provincial government announced on Monday a series of measures to tighten rules on payday-lending practices, which includes reducing the maximum fee lenders can charge.
As of Sept. 1st, payday lenders will only be able to charge $15 for every $100 borrowed, matching Ontario’s maximum fee, which was lowered back in January. B.C.’s current maximum rate sits at $17.
The new regulations would also give the lender two business days to cancel the loan agreement, without penalty.
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